Question

An investment of $1,000 is earning interest at the rate of 3.8% compounded daily over 3 years. Approximately how much interest is earned on the investment?

(PLEASE SHOW WORK)
a.
$892.26
b.
$1120.75
c.
$120.75
d.
$38.73

Answer 1

c. $120.75

Explanation:

The correct answer between all the choices given is the third choice or letter C. I am hoping that this answer has satisfied your query and it will be able to help you in your endeavor, and if you would like, feel free to ask another question.